 "It's a pedestrian document: Piyush Goel")
Sadly, it is a pedestrian document which has only confirmed our worst fears — that we are headed for a spell of stagnation; that the economy is confronted with the problem of high inflation, particularly in food prices; joblessness and fiscal profligacy.
The interim Budget numbers clearly show a postponement of the commitments on subsidies and tax refunds. Once again, the numbers fall back on traditional accounting jugglery, taking the benefit of the cash system of accounting followed by the government. The finance minister has acknowledged the slowdown in both manufacturing and mining, two crucial sectors for any economy, while resting on his laurels for a nominal four per cent improvement in agricultural production. A nation in which 50 per cent of the population is dependent on agriculture should certainly be asking for far higher gains in the agricultural sector, as has been achieved by well-administered Bharatiya Janata Party-ruled states such as Gujarat and Madhya Pradesh.
Our National Democratic Alliance government detected the anomaly of ‘one rank, one pay’. It took this government the sorry spectacle of soldiers returning their medals to announce, in an interim Budget, that they were accepting ‘one rank, one pay’. This is nothing but tokenism.
Revised estimates show a fall in Plan expenditure and a reduction in asset-creation expenditure, while non-Plan expenditure has risen sharply. This clearly shows the government is borrowing heavily to finance its revenue needs, rather than leaving behind a healthy legacy for future generations, who will have to repay the current debt.
The vote-on-account has not addressed substantial issues of rising food prices and falling incomes of the poor but has sought to reduce prices of sports utility vehicles and luxury cars, reflecting complete absence of empathy with the common man.
Piyush Goel
Treasurer, BJP; Member of Parliament, Rajya Sabha
Treasurer, BJP; Member of Parliament, Rajya Sabha